The Shiba Inu community keeps removing SHIB tokens from the circulation supply on a regular basis. Over the past 24 hours, another large stash of Shiba Inu meme coins has been transferred to dead wallets.
However, since Wednesday, SHIB has been trading in the $0.000010 range after losing more than 6%. There is a risk that Shiba Inu may add another zero to its price.
SHIB burn rate jumps nearly 390%
According to data shared by tracking platform Shibburn, during the period of the last 24 hours, the SHIB community got rid of 4,846,823 SHIB, thus pushing the burn rate 384% up, according to a recent tweet published on their Twitter handle.
Over the past week, however, despite the burn rate of Shiba Inu rising by more than 1,000% several times, the overall amount of burned SHIB leaves a lot to be desired — only 21,184,222 SHIB.
That is 93.48% smaller compared to the week before.
HOURLY SHIB UPDATE$SHIB Price: $0.00001034 (1hr -0.19% ▼ | 24hr 0.29% ▲ )— Shibburn (@shibburn) April 29, 2023
Market Cap: $6,101,652,878 (0.48% ▲)
Total Supply: 589,366,748,529,175
Past 24Hrs: 4,846,823 (384.68% ▲)
Past 7 Days: 21,184,222 (-93.48% ▼)
SHIB team working to build their own cold wallet
As covered by U.Today earlier, news has been spread about the Shiba Inu team developing a customized cold storage wallet for SHIB. Now, Shiba Inu is organizing an AMA ("ask me anything") session with the leading crypto exchange Huobi and blockchain platform CertiK that deals with smart contracts.
This may result in a partnership and collaboration with these companies, according to the source from SHIB Discord.